What is the global market size of Orthopedic Devices Market?

Orthopedic Devices Market size was valued at USD 40.9 billion in 2021 and is poised to grow from USD 42.17 billion in 2022 to USD 53.83 billion by 2030, growing at a CAGR of 3.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Orthopedic Devices Market?

Global orthopedic devices market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Johnson & Johnson', 'Stryker Corporation', 'Zimmer Biomet Holdings, Inc.', 'Medtronic', 'Smith & Nephew plc', 'Arthrex Inc.', 'DePuy Synthes Companies', 'Globus Medical Inc.', 'DJO Global', 'Conmed Corporation', 'Wright Medical Group N.V.', 'NuVasive Inc.', 'B. Braun Melsungen AG', 'Integra Lifesciences Holdings Corporation', 'Össur hf.', 'Acumed LLC', 'Lima Corporate', 'Waldemar Link GmbH & Co. KG', 'RTI Surgical, Inc.', 'Medline Industries, Inc.'

What is the key driver of Global Orthopedic Devices Market?

The main factors responsible for driving the growth of orthopedic devices market are the increasing number of orthopedic disorders including degenerative bone diseases, increasing aging population, and also the road accidents, a rapid rise in the incidence of musculoskeletal diseases caused due to obesity and sedentary lifestyle, and others. The increasing popularity of osteoporosis may also propel the market growth.

What is the key market trend for Global Orthopedic Devices Market?

Increasing preference of more technologically driven products such as robotics, and computer supported surgery for minimally invasive orthopaedic surgeries as this type of surgery are cost-effective and clear, and so on, that can quickly recover patients. Most of the companies are adopting robots to support the surgeons in knee, hip, or spine procedures.

Which region accounted for the largest share in Orthopedic Devices Market?

North America drives the orthopedic devices market globally with the largest revenue share of over 46% in 2021. Moreover, the increasing requirements for upgraded healthcare services, owing to the presence of well-developed healthcare infrastructure, industry giants may boost the regional market. The increasing geriatric population and rising car accidents are also favouring the number of orthopaedic surgeries conducted in the region. The United States is expected to grow with the increasing technological advancements in the medical devices to treat orthopedic conditions.

Orthopedic Devices Market Size, Share, Growth Analysis, By Product(Orthopedic Fixation Devices (Internal Fixation Devices, External Fixation Devices), Orthopedic Replacement Devices (Ankle Replacement Devices, Hip Replacement Devices), By Site(Hand And Wrist, Spine, Foot And Ankle, Arm And Elbow), By Application(Spinal Fusion, Fixation, And Decompression, Fracture Treatment And Recovery), By End User(Hospitals And Surgical Centers, Ambulatory And Trauma Care Centers, Orthopedic Clinics, Home Care Settings), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2189 | Region: Global | Published Date: September, 2024
Pages: 219 | Tables: 61 | Figures: 75

Orthopedic Devices Market News

In September 2023, Stryker Corporation announced the launch of its latest robotic-assisted surgical platform, Mako SmartRobotics. This cutting-edge technology improves the accuracy of hip and knee arthroplasties with better results for patients and shorter times for their rehabilitation. The Mako SmartRobotics system will be compatible with Stryker’s current line of orthopedic products.
In August 2023, Zimmer Biomet unveiled its new Identity™ Knee System, which incorporates advanced materials and design features to enhance stability and longevity. The Identity™ system aims to provide personalized solutions for patients undergoing knee replacement surgery, reflecting the company’s commitment to innovation in orthopedic devices tailored to individual needs.
In July 2023, Medtronic launched its new spinal surgery device, the Mazor X™ Stealth Edition. To better the accuracy of the different spine surgeries in which it is used, this system incorporates high-quality imaging and robotic assistance. The Mazor X™ is intended to enhance results after surgery and minimize complication rates which further strengthens the position of Medtronic in the global orthopaedic devices market.

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Global Orthopedic Devices Market size was valued at USD 42.7 billion in 2022 and is poised to grow from USD 44.47 billion in 2023 to USD 61.24 billion by 2031, growing at a CAGR of 4.08% during the forecast period (2024-2031).

The global orthopedic devices market can be seen as a gradual amalgamation of many existing and potential players one tends to focus on more and more on expansion innovations. Market leaders today include such global corporations as Johnson and Johnson, Stryker Corporation, Medtronic, Zimmer Biomet, Smith and Nephew, which command the highest market shares due to their extensive and advanced products as well as sophisticated R&D. Those companies do not stop at a certain point in time and spend resources on new technologies, partnerships, and purchases to enhance their image and offerings in this constantly changing market. 'Stryker Corporation', 'Johnson & Johnson ', 'Medtronic PLC ', 'Smith & Nephew ', 'Zimmer Biomet ', 'NuVasive, Inc. ', 'B. Braun ', 'Enovis ', 'Acumed LLC ', 'BSN Medical GmbH ', 'ConMed Corporation ', 'Orthofix Medical, Inc. ', 'Arthrex, Inc. ', 'Allegra Orthopaedics ', 'DeRoyal Industries ', 'MicroPort ', 'Nippon Sigmax Co., Ltd. ', 'TriMed ', 'ISTO Biologics ', 'Meril Life Sciences Pvt. Ltd. ', 'Mueller Sports Medicine, Inc. ', 'RCH Orthopaedics ', 'FLA Orthopedics'

The global orthopedic devices market is influenced by factors like geriatrics as the population has a higher tendency to suffer from musculo-skeletal disorders such as osteoarthritis and osteoporosis among others. As people are living longer on average, there is a rise in the demand for such treatments as joint replacement surgeries and other orthopedic procedures which in turn drives the growth of the market.

Shift Towards Minimally Invasive Surgery: In recent years, the global orthopedic devices market has been seeing a trend whereby more of the surgical techniques used are minimally invasive ones. These procedures quicken the healing time, reduce the extent of scarring and decrease the chances of infection hence the increased use of the advanced orthopedic devices designed for such purposes leading to better patient comfort and improving the results of surgery.

A leadership role in the global orthopedic devices market is held by North America and this can be attributed to a range of factors such as existing healthcare facilities, a large percentage of the population suffering from musculoskeletal disorders and populations prone to osteoarthritis and osteoporosis. The region enjoys further advantages through the continuous development of new technologies in the field of orthopedics such as minimally invasive surgeries, robotics in surgeries, as well as 3D printing. Additionally, robust R&D investments by leading orthopedic device manufacturers and favorable reimbursement policies further support market growth. The increasing number of orthopedic surgeries, coupled with high awareness and early adoption of innovative devices, cements North America's leading position in the global orthopedic devices market.

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What is the global market size of Orthopedic Devices Market?

Who are the key vendors in the Orthopedic Devices Market?

What is the key driver of Orthopedic Devices Market?

What is the key market trend for Orthopedic Devices Market?

Which region accounted for the largest share in Orthopedic Devices Market?

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